HP's first-quarter revenue fell less than expected

SAN FRANCISCO (Reuters) - Hewlett Packard Co's revenue fell less
than Wall Street expected in the first quarter, after the
computing giant managed to grow sales at its two largest
businesses despite rapidly slackening PC demand.

HP, which is in the midst of a multi-year turnaround effort
intended to revive growth, posted revenue of $28.2 billion in the
fiscal first quarter, down just slightly from $28.4 billion a
year earlier and beating expectations for about $27.2 billion.

Chief Executive Officer Meg Whitman, who took the helm of the
world's largest PC maker more than a year ago, is trying to wean
the Silicon Valley company off sales of personal computers and
focus on sales of computing equipment and networking gear to
enterprises.

She has said she expects revenue to stabilize in 2014, with some
areas of growth for the company.

In the first quarter, revenue from personal systems, which
includes PCs, rose 4 percent, while sales from its enterprise
group edged 1 percent higher.

Shares of the company gained 1.3 percent to $30.59 initially in
extended trade, from a close of $30.19 on the New York Stock
Exchange.

(Reporting by Edwin Chan; Editing by Bernard Orr)

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